The experience of Ireland in the last four decades indicates that in order to achieve high rates of economic growth countries must
a. hold free (democratic) elections
b. maintain a government expenditure/GDP ratio of at least 40 percent.
c. restrain the growth of government, keep taxes low, remove trade barriers, and follow a monetary policy consistent with price stability.
d. obtain financial aid from foreign governments in order to get the growth process started.
C
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If the price level falls, what will happen to the aggregate supply curve?
A. It will shift outward. B. It will shift inward. C. Nothing. D. It will get steeper. E. It will get flatter.
When taxes are a function of income, the investment multiplier, government spending multiplier, and tax multiplier are all less than they would be if taxes were a lump sum amount.
Answer the following statement true (T) or false (F)
Refer to the graph below representing the purely competitive market for a product. When the market is at equilibrium, the consumer surplus would be represented by the area:
A. a + b + c + d
B. a + b + c
C. a
D. b + c
The governement's budget constant shows that a government has ______ way(s) to finance a budget deficit, these ways are
Fill in the blank(s) with the appropriate word(s).